Major Banks postponing foreclosures in Florida and many other states.
Looks like Chase, Wamu, and GMAC have halted foreclosures in Florida due to the foreclosure mill attorneys, FINALLY. An agent in my office was stopped at the closing table today on an REO property.
This might be a step in the right direction. Instead of the focus being on how much money the foreclosure attorneys can churn out, maybe now we can focus on actually helping the homeowners.
It will be interesting to see what happens now.
Replies to This Discussion
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Permalink Reply by Melissa Polce on
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They have also done this in Charlotte NC...kinda nice to see this jerk of a foreclosure agent get stopped at the closing table...GMAC bank attorney called in to the attorney closing in Charlotte and "stop the closing"....maybe we can get a handle pushing short sales as a way to solve the problem and not foreclosure-YEAH
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Permalink Reply by Jeff Payne on
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I think it could be good or bad, time will tell. I hate to see anyone get stuck at the closing table, I wonder if the buyer will be reimbursed for their expenses?
Melissa Polce said:They have also done this in Charlotte NC...kinda nice to see this jerk of a foreclosure agent get stopped at the closing table...GMAC bank attorney called in to the attorney closing in Charlotte and "stop the closing"....maybe we can get a handle pushing short sales as a way to solve the problem and not foreclosure-YEAH -
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Permalink Reply by AMY GERRISH on
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What is the significance of this? We don't usually have attorneys involved in deals at the level the east coast does.
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There has been an investigatin ongoing with 4 of the foreclosure mills that churn out all of the foreclosures in Florida. All of those lockouts and evictions on the wrong homes, lost paperwork, screwed up evictions, etc etc. all come from about 4 different attorneys in south Florida. They are accused of fraud, and forging documents to push the foreclosure process along. Now the Florida AG is investigating them and the banks are trying to save face because I am sure they knew it was going on.
This could be good for short sales because one way or another, the banks need to dispose of the property, now short sales could be their chosen path since the govt is investigating their foreclosure procedures -
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Permalink Reply by Ben Benita on
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I saw that this morning...big article on Chase getting called to the mat with some of their loans:
http://www.usatoday.com/money/economy/housing/2010-09-29-jpmorgan-s... -
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I would love to provide them with some names from Chase who are just as guilty as the attorneys forging the documents. Think the AG of Florida would like to be a member here?
Ben Benita said:I saw that this morning...big article on Chase getting called to the mat with some of their loans:
http://www.usatoday.com/money/economy/housing/2010-09-29-jpmorgan-s... -
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I have actually spoken with the attorney general's office in FLorida....
About 3 years ago when I learned about the servicing fees and how B of A, Wells, Chase, etc. get paid MORE for servicing delinquent notes and dragging out the short sale process.
The AG office was filing some type of class action lawsuit against some of Servicers.....good stuff.....I am sure they would LOVE to know anything you share with them......they were VERY helpful when I spoke to them.... -
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Ben, I have talked to them also, they are helpful. Doesn't hurt that the AG dislikes these banks and the attorneys they hire to foreclose on the properties. The attorneys will most likely get disbarred if the allegations are true.
Ben Benita said:I have actually spoken with the attorney general's office in FLorida....
About 3 years ago when I learned about the servicing fees and how B of A, Wells, Chase, etc. get paid MORE for servicing delinquent notes and dragging out the short sale process.
The AG office was filing some type of class action lawsuit against some of Servicers.....good stuff.....I am sure they would LOVE to know anything you share with them......they were VERY helpful when I spoke to them.... -
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